RRIT-Best Execution/Smart Order Routing « A-Team Group

Get A-Team's News Alerts

Instinet Europe Best Execution Review Indicates European Equities Moving Off Primary Exchanges

Originally appeared in MiFID Monitor

Recent figures from Instinet Europe indicate that major European equities are gradually moving away from the primary markets and to alternative trading venues. By value traded, Instinet Europe executions away from the primary markets in UK, French, German and Dutch equities increased to 39.7% in October 2008, compared to an initial 11.3% in November 2007, according to the findings of its recent best execution policy review. For UK equities alone, in October 2008 Instinet Europe executed 45.2% of its volume away from the London Stock Exchange (LSE), compared to 14.0% in November 2007.

11 Dec 2008

MiFID is Driving Technology Decisions for French Asset Managers, Say Attendees to Charles River Briefing

Originally appeared in MiFID Monitor

France’s interpretation of MiFID is a key driver for the local buy side in the selection and implementation of new technology, as asset managers are under pressure to fulfil client obligations dictated by ‘Directive MIF’. This was the key finding at a recent briefing in Paris, hosted by Charles River Development, which brought together local asset managers, consultants and Charles River’s French team to discuss the key buy side issues of the day.

03 Dec 2008

MiFID’s Benefits will be Realised Progressively, Says Santander’s Garcia

Originally appeared in MiFID Monitor

While supervisors are reviewing the possibility of adapting MiFID, one banking executive feels the huge costs being borne by firms do not make the process attractive, especially in the current climate. Adolfo Garcia, MiFID coordinator and head of the Securities Forum at Santander Group, speaking at this month’s MiFID: One Year On conference in Brussels, concluded that the benefits of MiFID will only be realised progressively.

26 Nov 2008

BNY ConvergEx Deploys New Smart Order Routing Platform

Originally appeared in MiFID Monitor

In response to the growth of new liquidity pools and MTFs in Europe, BNY Convergex announced the deployment of a new smart order routing platform. The new platform has been designed to improve algorithm performance and enhance execution speed while preserving anonymity and reducing market impact.

17 Nov 2008

Nasdaq OMX Europe’s Clients Unaffected By LSE Fee Increase From Displayed MTF Business

Originally appeared in MiFID Monitor

Nasdaq OMX Europe has announced that its routing rate of 0.25 basis points (bps) for FTSE 350 securities will not be affected by the London Stock Exchange’s (LSE) price increase and customers of the recently launched multilateral trading facility (MTF) will not see any increase passed onto them.

05 Nov 2008

Bats Begins European Trading Service with Initial 10 UK Blue Chips

Originally appeared in MiFID Monitor

Bats European Markets Division, a fully-owned subsidiary of Bats Holdings,
has commenced its trading service in Europe on Halloween with a selection of ten UK securities, including the big four UK banks (Barclays, RBS, Lloyds TSB and HSBC) and oil majors BP and Royal Dutch Shell.

31 Oct 2008

Nasdaq OMX Europe’s ‘Price Promotion’ Signals Intensifying Exchange Competition

Originally appeared in MiFID Monitor

In a further sign that competition between equity MTFs and incumbent exchanges is hotting up, Nasdaq OMX Europe is to introduce a price promotion in a move designed make the operator have the “most competitively priced” trading platform in Europe. The promotion, which commences on 3 November and is to be reviewed at the end of the year, applies to all Nasdaq OMX Europe market participants.

24 Oct 2008

Numis to Clear and Settle Trades on Turquoise and Chi-X Using GL RIMS

Originally appeared in MiFID Monitor

Numis Securities, an independent broking group focussed on London-quoted mid and small cap companies, is live on alternative trading venues Chi-X and Turquoise, using GL Trade’s GL RIMS middle and back office solution for post-trade processing and helping to facilitate best execution requirements for the firm’s customer base.

25 Sep 2008

Burgundy Follows HKMEx in Appointing Cinnober as Technology Provider

Originally appeared in MiFID Monitor

Less than a week after Cinnober Financial Technology AB was appointed as the trade platform partner to the Hong Kong Mercantile Exchange (HKMEx), the IT vendor has been selected as technology partner to Burgundy, the regional multilateral trading facility (MTF) for Nordic securities owned by a consortium of leading Nordic banks and securities houses. The agreement represents Cinnober’s first major contract in Sweden.

24 Sep 2008

LSE System Failure Caused By Software Fault Highlights Need For Consolidated Tape

Originally appeared in MiFID Monitor

The worst trading glitch in eight years to affect the London Stock Exchange’s (LSE) systems, including TradElect, is believed to have occurred between the LSE’s Extranex, the exchange’s private network linking client front ends, and the trading gateway, caused by a software fault affecting the central order book, rather than having anything to do with high trading volumes.

12 Sep 2008

GL Trade Forges Latest Vendor Link with Nyfix’s Euro Millennium

Originally appeared in MiFID Monitor

Financial software firm GL Trade has followed a slew of order management (OMS) and execution management (EMS) system providers to forge its own partnership with Nyfix, whereby the vendor will provide direct access for clients to Euro Millennium, a neutral European dark pool, touted as helping with best execution goals by delivering price improvement and ensuring market impact is minimised.

11 Sep 2008

Nasdaq OMX Europe Opts for Competitively Priced Citi in Routing Partnership

Originally appeared in MiFID Monitor

Nasdaq OMX Europe’s decision to enter into a partnership with Citi to provide routing broker services that will enable the exchange to become the first multi-lateral trading facility (MTF) to offer a pan-European order routing service, was sealed as a result of the broker’s highly competitive pricing and wide market access with associated low latency connectivity to multiple markets, it has been revealed.

03 Sep 2008

Atrium Network Follows Neonet in Offering Connectivity to Bats Europe

Originally appeared in MiFID Monitor

Atrium Network, a provider of smart connectivity, is offering connectivity to Bats Europe, the pan-European multilateral trading facility (MTF) scheduled to launch this November. The announcement comes after global agency broker Neonet disclosed on 29 August that it would also offer trading access to the new alternative market.

03 Sep 2008

Neonet Unveils New Consolidated European Order Book Ahead of Fresh MTF Initiatives

Originally appeared in MiFID Monitor

Global agency broker Neonet has unveiled its new consolidated European order book offering that brings together Europe’s traditional exchanges with the upcoming alternative trading venues such as Turquoise, Nasdaq-OMX Europe, Bats and Burgundy into one transparent display, and directing orders to the best price – regardless of the underlying marketplaces.

19 Aug 2008

Neonet Adds MTF Market Data via Consolidated European Order Book

Originally appeared in MiFID Monitor

Neonet has combined market data for traditional exchanges with that for multilateral trading facilities (MTFs) via its new Consolidated European Order Book Offering. According to the vendor, it is aiming to create a transparent view over European trading.

18 Aug 2008

Brokers Continue Building of Bilateral Links Between Dark Pools FREE - A-Team Wire

07 Aug 2008

Credit Suisse and Instinet Europe Forge Reciprocal Dark Pool Access Agreement

Originally appeared in MiFID Monitor

Credit Suisse and Instinet Europe Limited (IEL), the European agency brokerage subsidiary of Nomura’s Instinet Inc, executed their first trades on each others’ dark pools via their smart order routers (SOR) and algorithmic trading platforms in the trading week ending 25 July. Exact terms of the agreement were not disclosed, as were the European stocks traded between the parties.

29 Jul 2008

Smart Order Technology to Become ‘Hub of Competition’ as MTF Frenzy Looms, says Instinet’s Balarkas

Originally appeared in MiFID Monitor

Smart order routing (SOR) technology is set to become the “hub of competition” in the European equities trading space, while providing end asset owners with enhanced basis point execution performance boils down to robust routing technology being in place, Richard Balarkas, CEO of Instinet Europe Limited (IEL) argues.

28 Jul 2008

NYSE Euronext Tops Equities Execution League Tables; Chi-X in Top 10

Originally appeared in MiFID Monitor

Xtrakter, a provide of trade matching and regulatory reporting services, has compiled leagues table based on data passing through its systems showing the top execution venues for the equities and fixed income markets in Europe. While OTC leads as an execution method in both lists, NYSE Euronext scooped top honours in equities with a combined share of about 25% for its three companies. Meanwhile, the fixed income market is dominated by OTC executions, with individual venue shares only in the single digits.

08 Jul 2008

Post-MiFID SOR Strategy Provides Price Improvements, Says Landsbanki Kepler

Originally appeared in MiFID Monitor

European investment bank Landsbanki Kepler says its smart order router (SOR) strategy, based on technology from GL Trade and implemented due to MiFID, has resulted in price improvements of between 0.3 and 1.2 basis points for trades being executed away from the ‘home markets’, for example on Chi-X. Those trades comprise up to 15% of the order volume.

08 Jul 2008

« Newer Posts — Older Posts »

Download the latest issue of
Risk-Technology.net!

This monthly publication is dedicated to the technology of risk management, which is increasingly at the core of an institution's ability to function. Each issue covers in-depth stories with fact and opinion, as only A-Team's experienced editors can deliver.

	Photos from: Low-Latency Summit 2012 – London, March 27, 2012 29 Mar 2012
	Photos from: Winning Strategies for Deploying Low-Latency Technologies – New York City, November 17, 2011 08 Dec 2011
	Photos from: Data Management for Risk, Analytics and Valuations – London, October 17, 2011 26 Oct 2011

	White Paper: Managing Risk Information in the Siloed Enterprise 28 Mar 2012
	White Paper: Big Data Solutions in Capital Markets – A Reality Check 15 Feb 2012
	Performance Benchmarking 2011: Valuations in North American Buy-Side Institutions 12 Sep 2011
	Special Report: The State of Play in Liquidity Risk Management 10 May 2011
	Enterprise Risk: The Data Management Challenge 25 Feb 2011

A-Team Insight Events

A-Team Insight Events combine A-Team's expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners. In 2011, a quality constituency will once again gather for these focused events in London and New York City.

Click here for more information

Loading ...

Click here for A-Team's directory

Subscribe for full access